Legal & General Group Plc Buys 129 Shares of Imax Corporation (IMAX)
Legal & General Group Plc increased its stake in shares of Imax Corporation (NYSE:IMAX) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,109 shares of the company’s stock after buying an additional 129 shares during the quarter. Legal & General Group Plc’s holdings in Imax Corporation were worth $468,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in Imax Corporation by 20.3% during the second quarter. Bank of New York Mellon Corp now owns 1,134,761 shares of the company’s stock worth $24,965,000 after buying an additional 191,140 shares in the last quarter. RiverPark Advisors LLC boosted its position in Imax Corporation by 25.1% in the second quarter. RiverPark Advisors LLC now owns 58,251 shares of the company’s stock worth $1,282,000 after purchasing an additional 11,704 shares during the last quarter. Denver Investment Advisors LLC boosted its position in Imax Corporation by 8.3% in the second quarter. Denver Investment Advisors LLC now owns 26,265 shares of the company’s stock worth $578,000 after purchasing an additional 2,015 shares during the last quarter. Trillium Asset Management LLC boosted its position in Imax Corporation by 5.5% in the second quarter. Trillium Asset Management LLC now owns 64,115 shares of the company’s stock worth $1,411,000 after purchasing an additional 3,355 shares during the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new position in Imax Corporation in the second quarter worth $257,000. Institutional investors and hedge funds own 83.41% of the company’s stock.
In related news, CEO Greg Foster sold 9,417 shares of Imax Corporation stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $19.55, for a total transaction of $184,102.35. Following the transaction, the chief executive officer now directly owns 67,018 shares in the company, valued at $1,310,201.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Patrick Mcclymont sold 1,760 shares of Imax Corporation stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total value of $36,080.00. The disclosure for this sale can be found here. 18.90% of the stock is currently owned by insiders.
Imax Corporation (NYSE:IMAX) opened at 22.50 on Friday. The stock has a market cap of $1.46 billion, a PE ratio of 152.03 and a beta of 1.00. The stock’s 50 day moving average price is $20.74 and its 200-day moving average price is $24.88. Imax Corporation has a 12 month low of $17.58 and a 12 month high of $35.30.
Imax Corporation (NYSE:IMAX) last released its earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.17. The company had revenue of $87.76 million for the quarter, compared to the consensus estimate of $89.26 million. Imax Corporation had a return on equity of 2.39% and a net margin of 2.81%. Imax Corporation’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 earnings per share. Analysts anticipate that Imax Corporation will post $0.60 EPS for the current fiscal year.
Imax Corporation declared that its board has authorized a stock buyback plan on Monday, June 12th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 12.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.
Several research firms have weighed in on IMAX. B. Riley reissued a “buy” rating and issued a $43.50 price objective on shares of Imax Corporation in a research report on Monday, July 10th. BidaskClub cut Imax Corporation from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 16th. Canaccord Genuity set a $33.00 price objective on Imax Corporation and gave the stock a “buy” rating in a research report on Friday, August 18th. Roth Capital set a $33.00 price objective on Imax Corporation and gave the stock a “buy” rating in a research report on Tuesday, June 13th. Finally, Credit Suisse Group cut their price objective on Imax Corporation from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, September 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $32.60.
Imax Corporation Company Profile
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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